Canada Emptied Its Gold Vault
By Lawrence
This week the funniest news around the world is that Canada has finally sold off almost all its gold reserve. I use the word funniest because phrase like “most important” is not applicable to a country that is not so important in the world.
Canada is now the only country in G7 without a real gold reserve.
For those goldbugs, it is a sign of gold price going to the roof, again. But I am sorry to say that it is not likely the outcome.
As Canada sets an example with no consequence to its currency strength, it sets the ball rolling for the other countries to unload their gold reserves too.
This means in foreseeable future a huge wave of selling of gold reserve is coming and gold price will have to face the biggest challenge it ever faced – the dumbest players of the game (i.e. governments) are finally going to dump all the gold they have.
